Are there any mortgage lenders in Houston, TX that will grant a FHA loan with a credit score of 580 - 600 and without absurd interest rate?

Asked by Damaris Massanet, Houston, TX Sat Aug 11, 2012

My ID was stolen a few years ago and my husband committed some past financial mistakes. The result is that our credit scores are less than stellar. We hired a year ago a law firm that's working on repairing our credit, and we already increased it by more than 30 points, but it's still in the 580 - 600 range. We rent, but just got notified that when our lease expires on February 2013, the owner of the house wants to put the house on sale. We're not interested in buying it because it's too small for us. We carefully thought about it and have decided that we want our own home. We make about $110,000 gross per year, and would be comfortable paying about $1,200 - 1,500 per month, including insurance and taxes. Problem is our credit score. I know that if we do eventually get approved for a FHA loan we will have to pay a higher interest rate, but will not consider paying anything outrageously high. Does anybody know of a mortgage lender that would be willing to work with us? Thanks!

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lendersnetwo…, Agent, Plano, TX
Tue Oct 8, 2013
Yes FHA allows Lenders to go down to a 580 credit score for FHA loans in Texas and Nationwide. Most lenders don't lender without a 640 credit score however. We have partnered with the Lenders that can go down to a 580 for FHA.
1 vote
, ,
Tue Jan 8, 2013
We do 580+ FHA loans with 3.5% down. No investor overlays.
Licensed to originate loans in AL, AR, GA, IN, LA, MS, OK, SC, TN and TX

Give me a call.

Kirstin "K.C." Jones
214-432-0486
kjones@rhlending.com
0 votes
Email is not working.
Flag Mon Jul 14, 2014
Your email is not working
Flag Mon Jul 14, 2014
I sent you an email message. Thanks.
Flag Tue Jan 8, 2013
swansonburg, Home Buyer, Houston, TX
Sun Sep 9, 2012
I need help also but I own a house in Houston that's underwater, but found a house that I really like for a great price.
0 votes
Gail Levin, Agent, Houston, TX
Sat Aug 11, 2012
Please e-mail me direct at gail.levin@kw.com and I will provide you with a possible mortgage broker who might be able to help you.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Aug 11, 2012
Recommend to continue repairing your credit increase the scores and apply for a loan. However lenders require at least 625 credit score.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes
D'Evereaux B…, Agent, Houston, TX
Sat Aug 11, 2012
Yes, I have someone that can do them 580 and above w/ 3.5% down and down to 560 w/ 10% down and rates are comparable to every other lender out there. Call me or email me 281-705-2698, devereaux@interowestave.com
0 votes
, ,
Sat Aug 11, 2012
Hi Pr1103,

You still have 7 months before your lease agreement is up so you should continue working on your credit for the time being. Even if you were to get pre-approved right now, the pre-approval is only good for about 90 days.

Another thing you may want to consider is getting a 2nd opinion on your credit and credit repair. A 30 point increase in your scores after a credit repair law firm has been "working" on it for a year isn't that good. Getting negative things deleted is only part of the equation when you're trying to increase your scores. You may need to add new accounts or pay down balances on credit cards to see better results. You can click the link below for more information on credit scores.
http://www.5stepcreditrepair.com/

The end result really should be that your scores improve enough so that you have options with your mortgage.

Please feel free to contact me for more information or help.


John Burke
Senior Mortgage Banker
ENG Lending
(877)228-9069
0 votes
Lerma Sampang, Agent, Houston, TX
Sat Aug 11, 2012
Honestly, it's a hard find with your current score unfortunately. Even if you do find one, there's no way around paying high interest rates &/or higher down payment unless you are a veteran. The only thing I can think of to purchase a house with this scenario (but still high interest rate and down payment) is a seller-financed property.
0 votes
Steven Stone…, Agent, Houston, TX
Sat Aug 11, 2012
Yes but there is a higher down payment and it is a Manuel underwritting liam. The lender will have their overlays as additional conditions and you can have no lates in the past 12 months and need some reserves
0 votes
Persis Behra…, Agent, Cinco Ranch, TX
Sat Aug 11, 2012
Hi, please email me and I can give you a couple of names you can try.
Persis
persis.realtor@gmail.com
713-294-7747
0 votes
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